- Terra Metals to build copper, cobalt hub in Africa
- Copper prices on COMEX decrease by 1.3% d-o-d
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with nickel increasing by 2.43% to $15,376/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with zinc recording the steepest fall of 1.45%.
COMEX market
Copper prices on the COMEX stood at $10,208/t, down by 1.3% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Market updates
Terra Metals, Metalex launch copper-cobalt venture in Zambia
US-based Terra Metals and Metalex Commodities have formed Lunda Resources in Zambia to build a major copper and cobalt hub. Backed by $100 million in funding, the venture plans a 240 tonnes per hour (tph) concentrator and targets commissioning by September 2025. The initiative aligns with US critical mineral strategies and bolsters US-Africa clean energy cooperation.
Oil prices down d-o-d
Brent crude futures were recorded at $66.05/barrel today. Meanwhile, WTI crude oil futures decreased by 0.26% d-o-d to $60.78/barrel.
Natural gas prices up
Natural gas stood at $3.53/metric million British thermal unit (MMBtu), up by 0.23% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 99.50 up by 0.30% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.56 against the dollar.
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